Plum Creek Reports Improved Results For Fourth Quarter And Full Year 2012

We present Adjusted EBITDA as a supplemental performance measure because we believe it facilitates operating performance comparisons from period to period, and each business segment’s contribution to that performance, by eliminating non-cash charges to earnings, which can vary significantly by business segment. These non-cash charges include timber depletion, depreciation of fixed assets and the basis in lands sold. We also use Adjusted EBITDA as a supplemental liquidity measure because we believe it is useful in measuring our ability to generate cash. In addition, we believe Adjusted EBITDA is commonly used by investors, lenders and rating agencies to assess our financial performance.

A reconciliation of Adjusted EBITDA to net income and net cash from operating activities, the most directly comparable U.S. GAAP performance and liquidity measures, is provided in the following schedules:

		Year Ended December 31, 2012
		Operating Income				Depreciation, Depletion and Amortization				Basis of Real Estate Sold				Adjusted EBITDA
By Segment
Northern Resources		$	20			$	26			$	—			$	46
Southern Resources		90				67				—				157
Real Estate		187				1				138				326
Manufacturing		29				15				—				44
Other		19				1				—				20
Other Costs and Eliminations		(65		)		1				—				(64		)
Other Unallocated Operating Income (Expense), net		1				—				—				1
Total		$	281			$	111			$	138			$	530
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture		59
Interest Expense		(140		)
(Provision) Benefit for Income Taxes		3
Net Income		$	203
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations														$	353
Interest Expense														140
Amortization of Debt Costs														(3		)
Provision / (Benefit) for Income Taxes														(3		)
Distributions from Timberland Venture														(56		)
Deferred Income Taxes														3
Gain on Sale of Properties and Other Assets														—
Deferred Revenue from Long-Term Gas Leases														8
Timber Deed Acquired														98
Pension Plan Contributions														20
Working Capital Changes														(15		)
Other														(15		)
Adjusted EBITDA														$	530
(1) Includes reconciling items not allocated to segments for financial reporting purposes.

		Year Ended December 31, 2011
		Operating Income				Depreciation, Depletion and Amortization				Basis of Real Estate Sold				Adjusted EBITDA
By Segment
Northern Resources		$	24			$	26			$	—			$	50
Southern Resources		74				51				—				125
Real Estate		195				2				77				274
Manufacturing		15				13				—				28
Other		21				—				—				21
Other Costs and Eliminations		(55		)		2				—				(53		)
Other Unallocated Operating Income (Expense), net		1				—				—				1
Total		$	275			$	94			$	77			$	446
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture		56
Interest Expense		(139		)
(Provision) Benefit for Income Taxes		1
Net Income		$	193
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations														$	374
Interest Expense														139
Amortization of Debt Costs														(2		)
Provision / (Benefit) for Income Taxes														(1		)
Distributions from Timberland Venture														(56		)
Deferred Income Taxes														—
Gain on Sale of Properties and Other Assets														—
Deferred Revenue from Long-Term Gas Leases														(11		)
Timber Deed Acquired														5
Pension Plan Contributions														3
Working Capital Changes														8
Other														(13		)
Adjusted EBITDA														$	446
(1) Includes reconciling items not allocated to segments for financial reporting purposes.

		Quarter Ended December 31, 2012
		Operating Income				Depreciation, Depletion and Amortization				Basis of Real Estate Sold				Adjusted EBITDA
By Segment
Northern Resources		$	5			$	6			$	—			$	11
Southern Resources		24				15				—				39
Real Estate		74				—				27				101
Manufacturing		7				4				—				11
Other		5				1				—				6
Other Costs and Eliminations		(18		)		—				—				(18		)
Other Unallocated Operating Income (Expense), net		—				—				—				—
Total		$	97			$	26			$	27			$	150
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture		17
Interest Expense		(36		)
(Provision) Benefit for Income Taxes		1
Net Income		$	79
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations														$	116
Interest Expense														36
Amortization of Debt Costs														(1		)
Provision / (Benefit) for Income Taxes														(1		)
Distributions from Timberland Venture														—
Deferred Income Taxes														2
Gain on Sale of Properties and Other Assets														—
Deferred Revenue from Long-Term Gas Leases														2
Timber Deed Acquired														—
Pension Plan Contributions														10
Working Capital Changes														(10		)
Other														(4		)
Adjusted EBITDA														$	150
(1) Includes reconciling items not allocated to segments for financial reporting purposes.

		Quarter Ended December 31, 2011
		Operating Income				Depreciation, Depletion and Amortization				Basis of Real Estate Sold				Adjusted EBITDA
By Segment
Northern Resources		$	7			$	7			$	—			$	14
Southern Resources		19				14				—				33
Real Estate		61				1				20				82
Manufacturing		3				3				—				6
Other		5				—				—				5
Other Costs and Eliminations		(12		)		1				—				(11		)
Other Unallocated Operating Income (Expense), net		—				—				—				—
Total		$	83			$	26			$	20			$	129
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture		12
Interest Expense		(35		)
(Provision) Benefit for Income Taxes		1
Net Income		$	61
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations														$	80
Interest Expense														35
Amortization of Debt Costs														—
Provision / (Benefit) for Income Taxes														(1		)
Distributions from Timberland Venture														—
Deferred Income Taxes														2
Gain on Sale of Properties and Other Assets														—
Deferred Revenue from Long-Term Gas Leases														3
Timber Deed Acquired														5
Pension Plan Contributions														—
Working Capital Changes														8
Other														(3		)
Adjusted EBITDA														$	129
(1) Includes reconciling items not allocated to segments for financial reporting purposes.

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